SB 74: Office of Land Use and Climate Innovation: Infrastructure Gap-Fund Program.

The bill aims to provide grants to local agencies for infrastructure projects facing unforeseen costs after construction has started. To be eligible, local agencies must demonstrate challenges with completing the project on time and on budget and show how the project meets state and local goals. The program would offer funding for up to 20% of a project's additional projected cost, subject to conditions such as allocating at least 45% of the initially budgeted total cost from existing local tax revenue. The program would be established by the Office of Land Use and Climate Innovation, which would develop guidelines to evaluate and fund grant applications. The program would become operative on January 1, 2030.